The average rate on car loans in Russia is 21% per year, the head of the Expert RA rating agency, Marina Chekurova, reported on April 11, RIA Novosti reports.
Chekurova reported that Russian banks from the TOP-15 in car lending provide loans for the purchase of vehicles at an average rate of 21% per year.
At the same time, the expert noted that the dynamics of rates is largely determined by the level of the official interest rate of the Central Bank. “If the official rate is reduced to 12% before the end of the year, then we can expect the average level of interest rates on car loans to fall to 15-17%”– said Chekurova.
He also said that one of the reasons for the growth of this market was the appearance of a new offering of Chinese cars on the Russian car market. He increased the number of used vehicle transactions and loans.
It should be noted that, according to the forecasts of the Expert RA agency, the growth of car loans this year has dropped to 20%. The agency’s experts explain this situation with an overly active increase in purchases in 2023. According to Chekurova, the pace of car loans will gradually stabilize and slow down one way or another.
Source: Rossa Primavera
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